PayPal introduces single-use payment links, hinting at upcoming cryptocurrency integration
PayPal Introduces PayPal Links: A New Bridge Between Everyday Payments and the Crypto Economy
PayPal has unveiled a new feature called PayPal Links, positioning the company as a bridge between traditional payments and the growing crypto economy. This innovative tool is designed to work across PayPal, Venmo, and compatible digital wallets globally.
The new feature allows users to easily transfer Bitcoin, Ethereum, and PayPal's own PYUSD stablecoin, among other traditional currencies. If the recipient does not have a PayPal account, the link prompts them to sign up. Once signed up, recipients can choose to pay using a card, bank, or their PayPal balance.
PayPal Links simplify the payment process by generating one-time links in the PayPal app. These links can be sent or requested, and the transfer is completed in seconds without the need for usernames or email addresses. Funds land instantly in the recipient's PayPal balance account.
Each PayPal Link is private, tied to a single transaction, and expires after ten days if not used. The links are designed to be a clear competitor to Zelle, CashApp, and even Venmo itself. There are no hidden fees associated with using PayPal Links.
Friends-and-family transfers using PayPal Links also avoid tax headaches like 1099-K forms. Sending or requesting money using PayPal Links involves pasting the link into a message.
Initially, PayPal Links are rolling out in the U.S., with plans to expand to the U.K., Italy, and other countries later this month. The planned rollout phase outside the USA is scheduled for late 2023 and into 2024, expanding gradually to multiple international markets.
PayPal already had PayPal.me, but PayPal Links are one-off and faster, cleaner, and less open-ended. This new feature is set to revolutionise the way people send and receive money, making transactions quicker and more straightforward.
In a world where digital payments are becoming increasingly popular, PayPal Links are set to make a significant impact. By providing a seamless and efficient way to transfer funds, PayPal is positioning itself at the forefront of the digital payments revolution.
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